Tax relief and incentives for small business

Currently, there is a highly favourable environment for businesses and those who invest in them. In addition to the growing diversity of sources of finance, such as crowdfunding and peer-to-peer lending, there are tax relief schemes and small business incentives devised to help companies of all sizes secure funding.

If your business meets certain criteria, it may also qualify for help with Business Rates or Tax Relief for Research and Development.

Cloud Accounting NI has listed the main opportunities below (14) to help small business save very often significant amounts on tax payable. Your accountant should be discussing these give your venture a helping hand.

You may be able to delay paying Capital Gains Tax if you either sell (‘dispose of’) some business assets or use all or part of the proceeds to buy new assets. This relief means you won’t pay any tax until you sell the new asset

This provides a range of income and capital gains tax reliefs which can be claimed by individual investors for investments they have made in social enterprises with a view to helping people and communities. It is in place for investments made or capital gains arising in the period from 6 April 2014 to 5 April 2019

A group of five corporation tax reliefs that allow qualifying companies in the creative industries to claim a larger deduction. In some circumstances claim a payable tax credit when calculating their taxable profits